Wanting honest opinions about what i want to do.

[Nathan Bendler]

I think its about time i get active on this site. I am just watching days pass by. I have been involved in real estate in some form or fashion for 20 years. New Home builds, Specs, flipping, building commercial. But, i have always been behind the front man. I have always been the go to guy behind the scene. My motto is, make it happen. Well, i am about to turn 42, and i think its time i make it happen, in my life. I'm tired of flipping. I'm tired of building. What i want to build now is a decent little residual income. Without most of the day to day hassles and expenses. 

What i want to do:

I want to acquire some acreage, have it surveyed in aprx 5 acre lots, and sell them off, with owner financing. An example deal below. The property in this example exists.

123 acres-$160,000

Knock 20 acres out for county road, wont know exactly how that will go till survey.

100 acres divided into 5 acre lots=20 lots

Costs

Land  -  160,000

survey- 8,000

Legal paperwork and blanket owner finance contract 2,000

road-20,000-this is a estimate until survey, county roads here are just graded gravel.

Income

20-lots

25,000 per lot

20/years @8.9 is $223/month

20x$223.

$4,460

1. What am i missing. I may be blinded by having settled on what i want to do, and overlook something

2. Are these respectable returns. They are to me, but again, I may be blinded. Keep in mind, no insurance. No building to maintenance. Simple. 

3. When I get someone to fund this deal, what would you all propose for a split. My wife always accuses me of not getting enough and starving us. So i wont include what i was thinking just yet.

Fire away. I am very curious to see what you all think. I have located several good properties. Next I will start hunting private funding.

Nathan